Trump’s China Tariffs Could Impact Major U.S. Companies

Former U.S. President Donald Trump has reintroduced tariffs on imported goods from several countries, including China, as part of his trade policy. The move has raised concerns about potential retaliation from China and other nations, which could affect major American companies.

Impact of Tariffs on U.S. Companies

Since taking office in January 2025, Trump has imposed a 10% tariff on all imports from China under the International Emergency Economic Powers Act (IEEPA). In response, China has introduced retaliatory tariffs of 10% to 15% on select U.S. imports, including crude oil, liquefied natural gas, agricultural machinery, and automobiles.

A recent Benzinga poll conducted from February 11 to 12, 2025, asked which U.S. company would be most vulnerable to Trump’s China tariffs. The results were as follows:

• Apple Inc. (AAPL) – 35% (due to its reliance on China’s supply chain)
• NVIDIA Corporation (NVDA) – 28% (chip exports facing restrictions)
• Tesla Inc. (TSLA) – 28% (impact on China factory and exports)
• Boeing Inc. (BA) – 9% (aircraft sales to China)

Apple topped the list as the company most at risk, while Nvidia and Tesla tied for second place, given their dependence on the Chinese market. Boeing, with its aircraft sales to China, was also seen as vulnerable, though to a lesser extent.

Economic Implications

The same Benzinga poll also asked respondents whether Trump’s tariffs on China would help or hurt the U.S. economy. The results showed:

• Hurt businesses and consumers – 54%
• Help the economy – 36%
• No real impact – 10%

A majority of respondents believe the tariffs will negatively impact businesses and consumers by increasing costs. While Trump has argued that tariffs help correct trade imbalances, many experts warn that they could disrupt supply chains and provoke further economic retaliation.

China’s Response

In addition to imposing new tariffs, China is reportedly targeting American technology companies with antitrust investigations. According to The Wall Street Journal, companies like Nvidia, Apple, Broadcom, and Alphabet could face increased regulatory scrutiny in China. Furthermore, China has added two U.S. firms to its “unreliable entities” list, signaling further economic tensions.

As trade relations between the U.S. and China escalate, multinational corporations with strong ties to China must navigate a challenging business environment. The long-term effects of these policies remain uncertain, but they are likely to shape global trade dynamics in the years to come.